SWITZERLAND
BUSINESS
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ALL ABOUT SWITZERLAND |
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ECONOMY BUSINESS |
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Switzerland has a mature market economy based on
Switzerland's central location in Europe, the stability of its politics and currency, social peace (leading to a high productivity), moderate taxes, excellent public infrastructures and a high level in education have made Switzerland one of the world's most important financial centers and an excellent place for European or even worldwide headquarters of internationally operating companies.
Switzerland's most important trading partners are its big neighbours Germany, France and Italy, followed by the United States, the United Kingdom, and Japan. Some 80% of Switzerland's trade is with members of the European Union.
The standards of living, workforce productivity, education, and health care are very high in Switzerland, higher than in most other European countries. Inflation is low (about 1% per year for several years), and unemployment fairly low (about 4%).
Agriculture today employs less than 4% of the population, and every day one or two farms are closed down. Since only 10% of the land is arable, the primary agricultural products are cattle and dairy goods. Major products grown for the internal market include potatoes, wheat, corn, all sorts of vegetables, salads and sugar-beets. Traditional fruits are apples, pears, cherries, strawberries, plus tomatoes and apricots in the southern valleys of Switzerland. Vine can be grown even in nothern Switzerland, but Swiss vines are rather to be found among the interesting specialities than among the really great names.
Mineral resources are scarce, and almost all mines that once existed have been closed due to very poor output before World War II. Water and wood are abundant, however, and drinking water supply is excellent both in quantity (no scarcity) and quality (drinkable without being boiled and without addition of chloride).
Electricity is generated from hydroelectrical and nuclear power (40%). While there is usually a net export of electricity both in quantity and value (2005 was the first year since World War II with net imports), Switzerland is a major trading spot in the European electricity market, importing band energy from nuclear and fossile thermoelectrical plants in times of low consumption (summer, nights) and exporting valuable peak energy from hydroelectrical plants in winter. A part of the imported electricity is used during nights to pump water back into reservoir lakes so that it may once again be used to produce peak power. There are some efforts to promote solar, geothermical and wind energy, but their share is not yet significant.
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